They’re accused of conspiring to submit multiple fraudulent applications for EIDL & PPP loans requesting millions of dollars of SBA funds.
SHERMAN, Texas — Three Texans have been convicted related to a COVID-19 fraud scheme, according to federal officials.
After a four-day trial, 47-year-old Olamide Olatayo Bello of McKinney; 54-year-old Olabode Thomas Ajibola of Humble; and 52-year-old Dumbor Josephine Baribe of Wylie were found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering.
Eight others involved in the scheme pleaded guilty before trial.
Court documents show Bello, Ajibola and Baribe conspired to defraud the Small Business Administration (SBA) out of millions of dollars. Federal authorities say they submitted fraudulent applications for EIDL and PPP loans and collectively stole millions of dollars of funds intended to help small businesses during the COVID-19 pandemic.
Bello, Ajibola and Baribe each face up to 20 years in federal prison.
